Well, according to the annual Cost of Living Survey conducted by the multinational consulting firm, Mercer, the cheapest place on this planet is Asuncion, the capital of Paraguay. In fact, this is the fifth year in a row that Asuncion has captured this honor.

So how cheap is it? Lonely Planet writer Rob Crossan recently visited the region where he enjoyed quaffing 60 cent beers and wolfing down $3 steak dinners. It sounds like Prague in the early days, if you ask me.

But there is more to this cheap country than inexpensive gorging. Crossan responsibly points out some of the worthy tourists sites to be enjoyed alongside those 60 cent beers–such as the second largest dam in the world as well as the 18th century town of Trinidad, a beautiful Unesco heritage site. Of course, with the average mid-range hotel room selling for just $4.45, you’ll have plenty of time to soak up all that Paraguay has to offer without going over budget.